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Investment in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2017
Real Estate [Abstract]  
Summary of Industrial Property Acquisitions
The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2017, 2016 and 2015. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for years ended December 31, 2017, 2016 or 2015.
 
Year Ended December 31,
 
2017
 
2016
 
2015
Number of Industrial Properties Acquired
8

 
6

 
8

GLA (in millions)
1.1

 
0.7

 
1.9

Purchase Price (A)
$
174,209

 
$
111,130

 
$
169,218

(A) Purchase price includes the acquisition of several land parcels for the years ended December 31, 2017, 2016 and 2015 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels.
Summary of Acquisition Purchase Price Allocation
The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the years ended December 31, 2017 and 2016:
 
Year Ended December 31,
 
2017
 
2016
Land
$
92,810

 
$
70,380

Building and Improvements
73,028

 
37,031

Other Assets
1,659

 
781

In-Place Leases
7,905

 
3,253

Above Market Leases
227

 
214

Below Market Leases
(1,420
)
 
—

Assumed Mortgage Loan Premium (See Note 4)
—

 
(529
)
Total Purchase Price
$
174,209

 
$
111,130

Assumed Mortgage Loan (See Note 4)
—

 
(4,513
)
Total Net Assets Acquired
$
174,209

 
$
106,617
Summary of Industrial Property Dispositions
The following table summarizes our property dispositions for the years ended December 31, 2017, 2016 and 2015:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Number of Industrial Properties Sold
60

 
63

 
66

GLA (in millions)
4.6

 
3.9

 
3.8

Gross Proceeds from the Sale of Real Estate (A)
$
236,059

 
$
169,911

 
$
158,429

Gain on Sale of Real Estate (A)
$
131,269

 
$
68,202

 
$
48,906

(A) Gross proceeds and gain on sale of real estate includes the sale of several land parcels for the years ended December 31, 2017 and 2015.